Reference no: EM131421485
Joe’s Beer, Bait, & Tackle Co. (1-3)
Joe’s Beer, Bait, & Tackle Co. is a small chain of fishing tackle stores in northern Minnesota. In 2009, the company’s revenue was $4,300,000 and its cost of goods sold was $3,200,000. Assume 52 weeks per year and 365 days per year. Assume that the annual inventory cost for Joe’s is 40%.
1. Joe keeps only 7.5 days-of-supply of inventory on average because much of his inventory is live bait and micro-brew beer, both of which have a short shelf life. What is his annual inventory turns? Round you answer to two decimal places.
2. Given that he has 7.5-days-of-supply of inventory on average, how much inventory does Joe have on average (in $s)?
3. What is the inventory cost (in $) of an item that costs Joe $30 and is sold to his customers at $40? Round your answer to two decimal places.
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What is annual inventory turns
: Joe’s Beer, Bait, & Tackle Co. is a small chain of fishing tackle stores in northern Minnesota. In 2009, the company’s revenue was $4,300,000 and its cost of goods sold was $3,200,000. Joe keeps only 7.5 days-of-supply of inventory on average because..
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